mheducation.com connect ( Other bookmarks Test 2 Saved Help Save & ExitSubmit On

Question

mheducation.com connect ( Other bookmarks Test 2 Saved Help Save & ExitSubmit On September 12, Vander Company sold merchandise in the amount of $5,800 to Jepson Company,with credit terms of 2/10, nv/30 The cost of the items sold is $4,000. Jepson uses the periodic inventory system and the gross method of accounting for purchases Jepson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Jepson makes on September 18 is 02 12-47 Mutiple Choice Purchases Cash 5,684 5,684 5, 90 Cash Prey 8 of 33 Next 640 99

Explanation / Answer

The journal entry that Jepson makes on September 18 is:

General Journal Debit Credit Accounts Payable $5,800 Purchase Discount($5,800 * 0.02) $116 Cash $5,684

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